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Money, Crises, and TransitionEssays in Honor of Guillermo A. Calvo$
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Carmen M. Reinhart, Carlos A. Vegh, and Andres Velasco

Print publication date: 2008

Print ISBN-13: 9780262182669

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262182669.001.0001

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Hard Currency Pegs and Economic Performance

Hard Currency Pegs and Economic Performance

(p.121) 6 Hard Currency Pegs and Economic Performance
Money, Crises, and Transition

Sebastian Edwards

I. Igal Magendzo

The MIT Press

This chapter analyzes whether common currency countries—both dollarized and independent currency union countries—have outperformed countries that have a currency of their own. It shows that countries with no currency of their own have had significantly lower inflation and enjoyed higher growth, but suffered from higher macroeconomic volatility. Thus, the jury is still out on the net benefits of giving up a national currency.

Keywords:   national currency, common currency countries, inflation, economic growth, macroeconomic volatility

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